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June 2020

New BIMCO Law & Arbitration clause will clarify arbitration processes

If a contractual dispute escalates and one of the parties want to involve arbitrators, it is essential that notices of commencement of proceedings and the appointment of arbitrators are properly served to the right people. BIMCO’s new Law & Arbitration Clause will address these issues with a provision requiring parties to a contract to clearly identify who are authorised to receive arbitration notices and communication.

BIMCO publishes COVID-19 crew change clause

BIMCO has produced a COVID-19 Crew Change Clause for Time Charter Parties in response to the extraordinary circumstances faced by many owners whose crew have had to remain on board during the COVID-19 “lockdown” for periods often extending beyond their contracts of employment.

SmartCon update adds electronic signature solution

BIMCO has updated its contract editing tool, SmartCon, with a new feature that enables users to add electronic signatures to their finalised contracts using DocuSign™ and thereby save time and money compared to relying on couriers to obtain physical signatures on paper copies.

Ship sale and leaseback term sheet on the way - have your say

BIMCO is developing a term sheet for ship sale and leaseback transactions, SHIPLEASE, and is seeking input from industry experts on the new standard.

ASBAGASVOY charter party near completion

The subcommittee set up by BIMCO and the Association of Ship Brokers & Agents (U.S.A.), Inc. (ASBA) to develop a new gas tanker voyage charter party (ASBAGASVOY) has agreed on a final draft which will be presented for adoption by the BIMCO Documentary Committee at its next meeting on 22 September.

May 2020

Suspending performance under BARGEHIRE – a useful right for owners?

Under a conventional cargo time charter party, the right to suspend performance for non-payment of hire provides owners with a powerful commercial tool to leverage late hire payments. However, based on industry feedback, applying the same sanction under BARGEHIRE is impractical.

New ASV charter party to include cap on liability

The time charter party for accommodation support vessels (ASVs) currently being developed by BIMCO will include a limitation of the owners’ and charterers’ liability for loss, damage, delay or expense. This is the result of an online meeting of the subcommittee held on 18 May.

BIMCO, Institute of Chartered Shipbrokers and Videotel partner in online education collaboration

BIMCO, Institute of Chartered Shipbrokers and Ocean Technologies Group subsidiary Videotel have partnered to create a high-quality, accessible educational resource to help maritime students across the globe to continue their studies remotely during the coronavirus pandemic.

New BIMCO Law & Arbitration Clause under way

BIMCO has started work to develop a new Law & Arbitration Clause. The new clause will provide a short and “one size fits all” approach to dispute resolution, while adding Hong Kong as the fourth named arbitration venue. The addition of Hong Kong reflects its increased popularity as a centre for dispute resolution and that it is currently ranked among the top maritime arbitration centres in the world.

Calculation of deviation costs debated at TOWCON revision meeting

There are a variety of circumstances where a tug and tow may need to deviate from the intended course or delay the voyage. This poses a number of questions, which were debated at meetings on 21-22 April by the TOWCON/TOWHIRE revision subcommittee.

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